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Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $88,000 cash along with office equipment valued
Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $88,000 cash along with office equipment valued at $24,000 in a new business named HV Consulting. b. The company purchased land valued at $40,000 and a building valued at $160,000. The purchase is paid with $25,000 cash and a note payable for $175,000. c. The company purchased $2,100 of office supplies on credit. d. Venedict invested an automobile in the company. The automobile has a value of $16,900. e. The company purchased $5,400 of additional office equipment on credit. f. The company paid $1,600 cash salary to an assistant. g. The company provided services to a client and collected $7,800 cash. h. The company paid $630 cash for this month's utilities. i. The company paid $2,100 cash to settle the account payable created in transaction c. j. The company purchased $20,300 of new office equipment by paying $20,300 cash. k. The company completed $6,500 of services on credit for a client, who must pay within 30 days. I. The company paid $1,800 cash salary to an assistant. m. The company received $4,000 cash in partial payment on the receivable created in transaction k. n. Venedict withdrew $2,700 cash from the company for personal use. Required: 1. Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (108); Office Equipment (163); Automobiles (164); Building (170); Land (172); Accounts Payable (201); Notes Payable (250); H. Venedict, Capital (301); H. Venedict, Withdrawals (302); Consulting Revenue (403); Salaries Expense (601); and Utilities Expense (602). 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of the end of September. Required 1 Required 2 Required 3 Prepare a trial balance as of the end of September. HV CONSULTING Trial Balance Cash Office equipment H. Venedict, Capital Land Building Notes payable Office supplies September 30 Debit Credit $ 45,670 49,700 112,000 Accounts payable $ 5,400 Automobiles Salaries expense 3,400 Consulting revenue 7,800 Utilities expense Accounts receivable H. Venedict, Withdrawals 2,700 Totals $ 101,470 $ 125,200 < Required 2 Required 3 > 101: Cash Transaction Debit Credit Balance Transaction a. 88,000 88,000 k. b. 25,000 63,000 m. f. 1,600 61,400 g. 7,800 69,200 h. 630 68,570 2,100 66,470 j. 20,300 46,170 1. 1,800 44,370 m. 4,000 48,370 n. 2,700 45,670 108: Office Supplies 106: Accounts Receivable Debit Credit Balance 6,500 6,500 4,000 2,500 163: Office Equipment Transaction Debit Credit Balance Transaction Debit Credit Balance C. 2,100 2,100 a. 24,000 24,000 e. 5,400 29,400 j. 20,300 49,700 164: Automobiles Transaction Debit d. 16,900 170: Building Credit Balance Transaction Debit Credit Balance 16,900 b. 160,000 160,000 172: Land 201: Accounts Payable Transaction Debit Credit Balance Transaction Debit Credit Balance b. 40,000 40,000 C. 2,100 2,100 e. 5,400 7,500 i. 2,100 5,400 250: Notes Payable 301: H. Venedict, Capital Transaction Debit Credit Balance Transaction Debit Credit Balance b. a. 112,000 112,000 Transaction n. 302: H. Venedict, Withdrawals Debit Credit 2,700 Balance Transaction 2,700 g. 403: Consulting Revenue Debit Credit Balance 7,800 7,800 Transaction f. I. 601: Salaries Expense 602: Utilities Expense Debit Credit Balance Transaction Debit Credit Balance 1,600 1,600 h. 630 630 1,800 3,400 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (108); Office Equipment (163); Automobiles (164); Building (170); Land (172); Accounts Payable (201); Notes Payable (250); H. Venedict, Capital (301); H. Venedict, Withdrawals (302); Consulting Revenue (403); Salaries Expense (601); and Utilities Expense (602). 1 No Tranasaction a Cash Office equipment H. Venedict, Capital 2 b Land Building Cash Notes payable Account Title Debit Credit 88,000 24,000 112,000 40,000 160,000 25,000 175,000
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